Garmin 430W and notes from 4/08/09 meeting

[James Carlson]

toddmbs at yahoo.com writes:
> I think it was the "act as a bank" part that was confusing me.  Other than just making the payments on an existing note, I didn't see how EE could play the bank when there is a lot of work to do on 976 and it has to be paid for.  Tim is just going to have to spell out exactly how this transaction can work.  And Tim usually gets right to the point.

It seemed easy enough to understand to me: the aircraft would be ours,
and we would pay Tim monthly as though the equity he has in it right
now were a debt that we owed him.  Maybe numbers will make it more
obvious:

  Current state:
	Bank holds note, ~$15000 remaining to pay (to bank)
	Tim owns plane, pays bank monthly
	Tim has 40000-15000 = 25000 in equity
	We have nothing

  Desired state:
	Tim holds "note," ~$25000 remaining to pay (to Tim)
	We own plane, pay Tim monthly

  End state:
	Tim has equity back as though he sold the plane
	We own the plane

To get from "current" to "desired," we pay off the bank's remaining
balance (~15000) now, and begin paying on the equity that Tim has in
the plane (~25000).  The two things combined end up buying us the
plane.

Maybe a simpler way to look at it is: if we take the plane, the bank
is owed $15000, and Tim is owed $25000.  We need to pay each one.

(Of course, substitute in refined numbers when we get those.  His
equity might not be as large as 25000, and the remaining balance might
not be that much either.)

> Also, I will propose a meeting on Wednesday again.  It seemed to work easily for us last week. I am available.  I have a few scenarios for how to set up the initial club buy-in. They mostly depend on the number of interested members and the financing options available.

Wednesday seems ok for me.

> Bob, perhaps when you send out the first e-mail introducing yourself to the interested group list (on the next clear sunny flying day), you can ask them respond so we can get a solid number of potential members.

I thought we agreed that was the purpose of the survey that Steve is
working on.

We already have a list of potential members -- they're the people on
Sean's original list.  The answers to the survey will tell us who is
actually interested.  Those who don't respond or who don't want what
we're considering are likely not interested.

-- 
James Carlson         42.703N 71.076W         <carlsonj at workingcode.com>